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La transparence de la politique monétaire et la dynamique des marchés financiers

Author

Listed:
  • Meixing DAI
  • Moïse SIDIROPOULOS
  • Eleftherios SPYROMITROS

Abstract

Cet article étudie les implications, en termes de stabilité économique, de la relation entre le degré d’indépendance de la Banque centrale et le degré de transparence (ou d’opacité) de la politique monétaire dans un modèle qui tient explicitement compte des marchés financiers et ainsi de la dynamique jointe de l’inflation et des cours boursiers. Nous montrerons que l’opacité sur les préférences de la Banque centrale exerce une influence négative sur la stabilité. Cette influence négative pourrait être modérée ou compensée par les effets d’un écart positif entre le poids relatif perçu par le public et le vrai poids que la Banque centrale attribue à l’objectif d’output. Par ailleurs, un marché du travail peu flexible, une demande de biens peu sensible au taux d’intérêt réel, ou encore une vitesse de circulation de la monnaie et une élasticité - intérêt de la demande de monnaie élevées exigent une plus grande transparence pour assurer la stabilité de l’économie.

Suggested Citation

  • Meixing DAI & Moïse SIDIROPOULOS & Eleftherios SPYROMITROS, 2007. "La transparence de la politique monétaire et la dynamique des marchés financiers," Working Papers of BETA 2007-19, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  • Handle: RePEc:ulp:sbbeta:2007-19
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    References listed on IDEAS

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    1. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
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    5. Meixing Dai & Moïse Sidiropoulos, 2003. "Règle du taux d’intérêt optimale, prix des actions et taux d’inflation anticipé : une étude de la stabilité macroéconomique," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 0(4), pages 115-140, December.
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    8. Meixing Dai, 2006. "Inflation-targeting under a Managed Exchange Rate: the Case of the Chinese Central Bank," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 4(3), pages 199-219.
    9. Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
    10. Matthew Rafferty & Marc Tomljanovich, 2002. "Central bank transparency and market efficiency: An econometric analysis," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(2), pages 150-161, June.
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    Cited by:

    1. Meixing DAI, 2009. "On the role of money growth targeting under inflation targeting regime," Working Papers of BETA 2009-11, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Li Qin & Eleftherios Spyromitros & Moïse Sidiropoulos, 2007. "Monetary Policy with Uncertain Central Bank Preferences for Robustness," Working Papers of BETA 2007-23, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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    More about this item

    Keywords

    Transparence; règle de taux d’intérêt; prix des actifs; stabilité macroéconomique.;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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